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Data Analytics within the Dutch Insurance industry

Insurance Analytics: the business case for Data Analytics

The use of data is at the heart of each Insurance firm. More recently, technology developments, like more computing power and readily available predictive algorithms, allowed to build more sophisticated Data Analytics solutions. Read our blogs to enhance your understanding of the key challenges insurers are facing and discover our business case for Data Analytics.

Insurance companies are facing six challenges
Over the last years most insurers have invested in Data Analytics solutions and understand that investing in Data Analytics is key to survive in a fast changing environment. However, a recent study among 68 EMEA Insurance companiesshowed that 90% of interviewed EMEA insurance firms struggles to see a positive business case on data analytics solutions. Insurance companies are facing multiple challenges that prevent them for reaching the potential of Data Analytics solutions:

 

  1. Data Analytics experts are scattered across the organization; each unit or function has their own expertise and activities are not optimally coordinated.
  2. There is a gap between Data Analytics expertise and business sense.
  3. Data Analytics solutions are not implemented into business processes, therefore using the solution is too cumbersome and people stop using it.
  4. The value of Data Analytics solutions is not defined or not measured structurally, therefore it is unclear if the investment and maintenance is justified.
  5. There is no company-wide vision and strategy for Data Analytics, therefore direction and drive for initiatives is missing.
  6. New technology developments like Big Data and AI give even more potential of using Data Analytics. Insurers feel that they have to jump in to not get behind of competition or behind of InsurTech startups, but forget that in order to profit from these technologies they will need a solid Data Analytics capability first.

 

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